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Egypt's stocks rally as regional markets stabilise

A turbulent week spurred by falling oil prices ends with EGX30 stocks in the green as regional markets stabilise

Ahram Online , Thursday 18 Dec 2014
Egyptian stock exchange
A trader works at the Egyptian stock exchange in Cairo (Photo: Reuters)
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Egypt's market closed a turbulent week on a high note as regional markets stabilise.

The benchmark EGX30 index recorded 8,399 points after rising 3.39 percent with daily stock turnover reaching LE688.5 million.

Regional and Gulf markets are stabilising following a downfall this week on the back of a decision by OPEC not to cut production, despite increasing supply and falling demand, leading oil prices to drop.

The Saudi TASI climbed 8.9 percent, the Dubai DFM gained 13 percent, and Kuwait's index was up 1.9 percent.

Egyptian and Arab institutions were net sellers to the tune of LE74 million while foreign institutions were net buyers to the tune of LE40.4 million.

All EGX30 stocks were in the green, led by a 6.63 percent surge in Juhayna food industries to LE9.03 per share.

Market bellwether, Commercial International Bank (CIB), gained 2.62 percent to LE46.98 per share and Egypt's leading investment bank, EFG-Hermes increased 4.1 percent to LE15.7 per share.

The market's second biggest cap, Telecom Egypt, gained 2.57 percent to LE11.42 per share.

 

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